What are the advantage and disadvantages of a line of credit?
A line of credit can be an effective way for businesses to obtain cash when they need it. However, there are drawbacks to using a line of credit, such as high-interest rates, fees, and penalties. In addition, many lenders require collateral that may not be readily available or practical in some situations.
If you choose to apply for a business loan on your own, make sure that all parties involved understand what is expected from them so that everyone benefits appropriately.